Banking system and BTC - page 10. | Bitcointalksearch.org

setialovers

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

At the beginning of the money was created, there was a gold guarantee that backed up the value of the money, but after 1970, the central bank could print money to pump economic growth. Bitcoin can be a guarantee of money because of its small supply and can also be said as a digital asset, but it requires approval from many countries and in my opinion this is difficult to do.

I think it is difficult for Bitcoin to disrupt the current banking system because banks already have a very broad infrastructure and influence on economic growth, so that Bitcoin should not interfere with the existing monetary system

esofelap

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I think that in a few years, Bitcoin and other cryptocurrencies will be integrated into the international banking system. Some people will understand what I'm talking about.

conected

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Quote from: Natalim on September 16, 2019, 06:51:05 AM

Quote from: ?? on ??

Only if the banking system or cryptocurrency will change then these two things will be able to somehow interact with each other

Banking system won't change but they could improve by using the blockchain as it will make their transaction for faster and more transparent as well.
Bitcoin is decentralized while banking is centralized regulated by a Central Bank, however, we can expect that sooner this whole market will be regulated by the government if the popularity of bitcoin will continue to increase.

With regulation, it will open the doors for more opportunity for the institutional money to get in the market, so this market will grow but slowly we will loss the essence of anonymity as when the government is in control, that is not possible.

- Indeed, the banking system has been developed and operating for many years, it has entered stable stages, so it will not seek a change, what it looks for is similar to what you said, a development that can make the system perfect and more powerful than ever, and the direction here is the blockchain system and the application of bitcoin storage at the bank. But this story still has a lot of problems when the government and the rules, Bitcoin systems are hard to exploit and control transparently, perhaps we will need more time to see the banking system, bitcoin and crypto have a link

Natalim

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Quote from: ?? on ??

Only if the banking system or cryptocurrency will change then these two things will be able to somehow interact with each other

Banking system won't change but they could improve by using the blockchain as it will make their transaction for faster and more transparent as well.
Bitcoin is decentralized while banking is centralized regulated by a Central Bank, however, we can expect that sooner this whole market will be regulated by the government if the popularity of bitcoin will continue to increase.

With regulation, it will open the doors for more opportunity for the institutional money to get in the market, so this market will grow but slowly we will loss the essence of anonymity as when the government is in control, that is not possible.

Apes

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in theory, cryptocurrency or bitcoin transactions are far superior to banks. but there are things that cryptocurrency transactions cannot provide,
that is customer support. I once read a crypto user complaint that made a transaction mistake , and no one can help. the transaction cannot be canceled and returned. both the bank and cryptocurrency systems still have advantages and disadvantages, it all depends on the users in using it.

ohyeahhaha122

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Very true, I think btc or other coins will be the currency used in the future. Imagine you go out to buy fruit, and the price is only a few usdt for example haha

barbara44

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Quote from: Ashes4Beauty on September 14, 2019, 02:43:53 AM

The banking system is also evolving with new ideas to satisfy their customers. Rather than Bitcoin rendering banking system useless, it would be incorporated into their payment oftion as well as blockchain technology, thus the banking will always be in operation.

I agree with you that the technology is actually meant to strengthen the existing operation of bitcoin if only they can apply it in the right way but the problem is that even the banks are blind to see this, and the only thing they are focusing on is the threat that they feel the development of cryptocurrency has brought to them and they are not looking at the blockchain as a whole and how they can use it to build a system that will have a string wall against threat and at the same time make their services to their users more effective.

Some banks have already seen it though and they are working on it already to make sure that the application of the technology is well utilized. Overtime, we will start seeing the effect of the application of the chain system on those that has adopted it.

Distinctin

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Quote from: flash101k on September 15, 2019, 05:38:36 PM

Bitcoin has many advantages over FIAT, but it is very difficult to control the identity of the owner because of the anonymous feature. With this feature, I believe it is difficult for Bitcoin to accept as FIAT, but if it is accepted and approved. I believe that it will defeat and change the trend of all banks.

It's not anonymous anymore when they control, they don't need to control everyone's wallet as that is not impossible but they can always monitor the exchanges and businesses at any nature that would accept BTC because they can regulate it. I even think it would be easier for them to monitor due to the blockchain where there's always a trail they can find every time they will conduct an investigation, and this will also increase their tax collection since the blockchain is online 24 hours, faster, and cheaper, therefore more transactions means more taxes generated.

flash101k

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Bitcoin has many advantages over FIAT, but it is very difficult to control the identity of the owner because of the anonymous feature. With this feature, I believe it is difficult for Bitcoin to accept as FIAT, but if it is accepted and approved. I believe that it will defeat and change the trend of all banks.

Herbet Fry

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We have other things to worry about besides inflation. That would be volatility. Yes, the technology is perfect for us but our fiat currencies have been around a very long time and took time to develop into the values they have today. When fiat first started it wasn't stable like it is today. AS more people adopt it will become more stable, especially if people are using it. Fiat works because the whole country uses it instead of small clusters of people. If only people who had bitcoin all lived in their own country then I think the price would be stable as everyone will be using it and place prices based on what you can buy since everyone will be using it within that country.

qwertyup23

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

Ooops! I think you are construing inflation as a negative phenomenon in economics. Over the years, people have been viewing inflation as something that should be avoided at all cost. In contrary, inflation is actually beneficial to the economics GIVEN that it falls on the control level set by the government. What makes it destructive if it reaches a certain level wherein the community cannot quickly adapt to the general increase in the prices due to hyperinflation.

Bitcoin, in general, is neither inflationary or deflationary as what may be construed by most people. Also, the transaction fees depend on the price of bitcoin in the market. If its price increases due to volatility, then expect transaction fees to increase as well. Although banks cannot control the transactions involve in bitcoin, its decentralization eliminates the need for a third-party trust to handle our resources.

erricducducan26

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Everyone's talking that banks are afraid btc. They aren't. They're afraid blockchain e-commerce projects like Revolut.

nh0xxpr01

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It could but that doesn't mean it will. Banking system if too powerful, so it will be difficult.

lumierre

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

Banks are involved in storing money and processing payments, but their main task is to monitor the implementation of the rules that states have established. It turns out that banks have a monopoly on the disposal of money. In fact, they use our money with you for their own purposes and force us to pay for these services. And there is no alternative to this order of things, or rather, was not, until the advent of cryptocurrencies.

Of course, bankers did not like this, because they do not want to lose the right to dispose of other people's money.

shoreno

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Quote from: oneman12 on September 05, 2019, 12:45:10 PM

Hello traders. What's your opinion could BTC kill banking system? Bitcoin has an advantage over fiatbecause its amount is limited and it can't fall under inflation.Inflation usually is caused by monetary policies of our central banks. Bitcoin is free from inflation, governement control and high transaction fees.Banks can’t control BTC because it has no representative and is fully decentralized. That's why banks are afraid of BTC.

it could but its not intended . people nowadays slowly realize that btc can work just like a bank and many people are now switching thru it . btc has advantage but it also have disadvantage so we cant really say that its more better than fiat .and yes btc if free from inflation but btc is not free from price changes . price change or volatility is i think worst than inflation because it occurs more oftenly . banks cant control btc but i dont think they are scared with it . btc is only a crypto and cant really do much at all than compare to banks that existed on real life .

taufik0911

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bitcoin is killing the bank system i really want that to happen
I really hate the bank system, because a family-controlled bank that I won't mention, they can very easily create a country of inflation in a few hours or even minutes
in addition to being controlled by the family, money is also controlled by the government
with a decentralized system, it might destroy the bank system now

Janation

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Quote from: esofelap on September 13, 2019, 03:13:58 PM

They will not say it, but the government has been already did it buy totally regulated countries.

How can you say that?

Any proofs that the government are not really saying or admitting it but they are really afraid of it?

We are thinking that Bitcoin and other cryptocurrencies will be replacing fiats, will be used in the everyday transactions of the whole world but we are still so far from that. Government still thinks cryptos are something that is made so people on the internet can have the profit they had right now through thin air, they don't like Bitcoin and the idea of it since we all know they want to control the fiat circulating their country.

Vishnu.Reang

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Quote from: esofelap on September 15, 2019, 01:36:01 AM

On the one hand, cryptocurrency should be decentralized, but on the other hand, it shoul be regulated over manipulators and scammers, control over ICOs is required.

In general I used to take a stand against regulation, but the condition of the ICO market is so bad that we don't have any other option. Last year, a single ICO scam (Pincoin) resulted in a loss of more than $660 million for the investors. Arisebank was another major scam, which resulted in a loss of around $600 million. And the current year is not any better. So far the exit scams have caused a loss in excess of $3 billion.

esofelap

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Quote from: TheUltraElite on September 14, 2019, 03:55:11 AM

Quote from: esofelap on September 13, 2019, 03:13:58 PM

They will not say it, but the government has been already did it buy totally regulated countries.

Not sure what you are trying to say, but it is true that the banking system is often the mouthpiece of the government and how they want to keep the economy. Of course private banks run on their own accord but government banks exist and they have to follow the norms.

The problem with crypto is that it being unregulated is often a source of illegal earning from many sources and this is what they government is trying to control. They are right in their process, but they also end up hunting those who are innocent. I hope one day this can get sorted although it does not seem it will and then maybe one day governments would become pro-crypto.

On the one hand, cryptocurrency should be decentralized, but on the other hand, it shoul be regulated over manipulators and scammers, control over ICOs is required.

Tylev

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Quote from: affandi on September 14, 2019, 11:43:21 AM

in my opinion, you overestimate banks to be afraid of bitcoin. it's true that bitcoin has decentralized advantages, but this is not one reason banks are afraid of bitcoin. after all, for now, I'm sure there are still many people who are not familiar with bitcoin, they still trust banks for savings or investment as well as other transactions.

A significant part of the society will always, regardless of the success of the cryptocurrency, use the services of banks. The main indicator in this matter will be the possibility of the transition of business structures to the use of settlements in cryptocurrency. Now I do not see such an opportunity. And not only because of the high price volatility of the cryptocurrency. Business entities need to report to tax authorities. They do this with the help of documents that are taken from serviced banks. This is a well-established practice. When making payments in cryptocurrency, it is very difficult to prove the relationship between financial partners, especially in cases where there are many transactions and they are small. Therefore, I do not see threats to the existence and normal operation of banks.

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